Altcoins
Altcoins are flying and BTC is stable as SEC triggers “Altseason”
All eyes were on Bitcoin today as the United States Securities and Exchange Commission approved spot ETFs. However, the suggestion that the news was already priced in appears to have some merit.. BTC has remained stable, but altcoins are soaring.
On January 10, the SEC finally approved a series of spot Bitcoin ETFs of one range of fund managersincluding BlackRock and Fidelity.
‘Altseason’ fiery
However, Bitcoin prices only made a slight move to $47,600 before pulling back. It gained just 1.3% in the last 24 hours.
In fact, BTC prices spiked as SEC social media surged. the account has been hacked with fake news about ETFs the day before.
Many analysts have suggested that Bitcoin prices are already priced in, and this could well be a problem. news sales event. This appears to be the case.
However, the SEC appears to have triggered what many are calling “altcoin season,” with many crypto assets now rising by double digits. “Personally, I did not expect altcoins to behave like this,” commented “Altcoin Sherpa”.
Learn more: 13 Best Altcoins to Invest in January 2024
Industry executive Dan Gambardello also commented on Bitcoin’s outperformance of altcoins following the ETF approval: add“Welcome to crypto.”
Meanwhile, crypto trader Scott Melker said:
“Gary Gensler has blessed us with a new season. Is there a better outcome than FINALLY approving a Bitcoin Spot ETF and pumping altcoins instead?
Altaison. Source: X/@Quantify_Crypto
The total crypto market cap gained 3.8% on the day to a 21-month high of $1.85 trillion, and it is driven by altcoins.
Additionally, all altcoins in the top 20 by market capitalization are outperforming Bitcoin at the time of writing.
Ethereum, many of which considered underperformingjumped 10% to $2,583, its highest price since early May 2022.
Altcoin Winners Post SEC ETF Approval
Other altcoins rising sharply at the moment include Cardano (ADA), which gained 12% on the day to $0.573.
Avalanche (AVAX) gained a similar amount, climbing to $38.63, while Polkadot (DOT) jumped 14.6% to $8.16 at press time.
Chain link (LINK) is up 9.6% to trade at $14.91, and Polygon (MATIC) pumped 12% to $0.906.
Other altcoins gaining double digits today include Uniswap (UNI), Ethereum Classic (ETC), Optimism (OP), Close protocol (NEAR), Filecoin (SON), Arbitration (ARB) and Immutable (IMX).
Disclaimer
In accordance with the Trust Project guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and current information. Readers are, however, advised to independently verify the facts and seek professional advice before making any decision based on this content. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.